FPA

Q1 2023 13F · by Steven Romick, CEO

As of: Mar 31, 2023
Filed: May 5, 2023
US stock: $6.3B · prev $6.4B
Positions: 140 · prev 163
Options notional: $0
Documents: 1· no amendments

Picture98.3% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 98.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.7%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves115 since the prior filing

+0.7 pp in · −0.8 pp out

New 23 +0.70 pp
Added 6 −0.01 pp
Trimmed 40 +5.22 pp
Exited 46 −6.01 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.2% a year, about 19.2 years per position

Low
Moderate
High

Top 5 positions31% of US stock

ADI Analog Devices, Inc. trimmed+1.10 pp trimmed+1.107.1%
CMCSA Comcast Corp trimmed+0.46 pp trimmed+0.466.6%
GOOGL Alphabet Inc. Class A trimmed+0.96 pp trimmed+0.966.0%
0VQJL Te Connectivity Ltd trimmed+0.77 pp trimmed+0.775.8%
AIG American International Group, Inc. trimmed−1.32 pp trimmed−1.325.3%

Positions140 in this filing · 46 exited


ADIAnalog Devices, Inc.	7.13%	2,289,549	$452M	trimmed−3%	+1.10 pp	33 q
CMCSAComcast Corp	6.57%	10,972,136	$416M	trimmed−2%	+0.46 pp	22 q
GOOGLAlphabet Inc. Class A	6.05%	3,690,454	$383M	trimmed−0%	+0.96 pp	30 q
0VQJLTe Connectivity Ltd	5.82%	2,809,381	$368M	trimmed−1%	+0.77 pp	33 q
AIGAmerican International Group, Inc.	5.26%	6,607,475	$333M	trimmed−1%	−1.32 pp	33 q
METAMeta Platforms, Inc. Class A	4.85%	1,449,881	$307M	trimmed−2%	+2.09 pp	22 q
GOOGAlphabet Inc. Class C	4.79%	2,918,114	$303M	trimmed−1%	+0.70 pp	33 q
IFFInternational Flavors & Fragrances Inc.	4.48%	3,082,931	$284M	added+8%	−0.19 pp	10 q
CCitigroup Inc.	4.07%	5,497,334	$258M	trimmed−1%	+0.16 pp	33 q
AONAon plc Class A	3.80%	762,506	$240M	trimmed−4%	+0.09 pp	12 q
WFCWells Fargo & Co.	3.56%	6,030,630	$225M	trimmed−1%	−0.35 pp	20 q
AMZNAmazon.Com Inc	3.47%	2,128,469	$220M	trimmed−2%	+0.64 pp	21 q
AVGOBroadcom Inc.	3.46%	341,317	$219M	trimmed−17%	−0.13 pp	20 q
CHTRCharter Comm Inc Del CL A New	3.45%	610,889	$218M	trimmed−0%	+0.22 pp	20 q
JEFJefferies Financial Group Inc.	2.81%	5,603,701	$178M	trimmed−2%	−0.23 pp	20 q
NXPINXP Semiconductors N.V.	2.43%	826,120	$154M	trimmed−2%	+0.35 pp	13 q
KMXCarMax Inc.	2.40%	2,368,284	$152M	trimmed−0%	+0.15 pp	4 q
FERGFerguson Enterprises Inc.	2.36%	1,115,474	$149M	trimmed−1%	+0.14 pp	4 q
KMIKinder Morgan, Inc.	2.30%	8,306,829	$145M	trimmed−2%	−0.09 pp	21 q
FEFirstEnergy Corp.	2.26%	3,570,494	$143M	trimmed−1%	−0.10 pp	10 q
AIYActivision Blizzard Inc	1.99%	1,471,012	$126M	trimmed−2%	+0.20 pp	20 q
HWMHowmet Aerospace Inc.	1.87%	2,793,109	$118M	trimmed−26%	−0.43 pp	26 q
MARMarriott International Class A	1.84%	700,979	$116M	trimmed−10%	+0.03 pp	20 q
NFLXNetFlix Inc	1.77%	323,937	$112M	trimmed−18%	−0.04 pp	13 q
WABWabtec Inc.	1.71%	1,073,370	$108M	trimmed−20%	−0.36 pp	13 q
LPLALPL Financial Holdings Inc.	1.54%	481,785	$98M	trimmed−3%	−0.13 pp	32 q
UBERUber Technologies, Inc.	1.31%	2,611,536	$83M	trimmed−0%	+0.30 pp	6 q
ICLRIcon Plc	1.21%	357,904	$76M	trimmed−0%	+0.12 pp	3 q
GPORGulfport Energy Corporation	0.76%	602,440	$48M	trimmed−0%	+0.07 pp	8 q
DELLDell Technologies Inc.	0.57%	900,697	$36M	held	—	15 q
PCGPG&E Corporation	0.48%	1,873,762	$30M	trimmed−13%	−0.07 pp	21 q
VNOVornado Realty Trust	0.47%	1,943,055	$30M	added+96%	+0.15 pp	3 q
HLFHerbalife Ltd.	0.47%	1,839,885	$30M	trimmed−0%	+0.04 pp	5 q
TDWTidewater, Inc.	0.25%	365,010	$16M	trimmed−36%	−0.08 pp	18 q
OECOrion S.A.	0.23%	553,176	$14M	trimmed−35%	0.00 pp	22 q
VTSVitesse Energy, Inc..	0.19%	634,151	$12M	new	+0.19 pp	new
RUSHARush Enterprises Inc	0.17%	198,085	$11M	trimmed−3%	0.00 pp	31 q
unresolvedChurchill Capital Corp Vii	0.12%	741,812	$8M	new	+0.12 pp	new
unresolvedMetals Acquisition Corp	0.11%	650,840	$7M	held	—	4 q
DEIDouglas Emmett, Inc.	0.10%	501,905	$6M	new	+0.10 pp	new
MSFTMicrosoft Corp	0.10%	22,100	$6M	held	—	33 q
STGWStagwell Inc. Class A	0.10%	884,537	$7M	added+16%	+0.03 pp	5 q
AAPLApple Inc.	0.08%	31,850	$5M	held	—	26 q
PPLIPeople Incorporated	0.08%	96,692	$5M	held	—	5 q
LAURLaureate Education, Inc.	0.08%	445,397	$5M	new	+0.08 pp	new
unresolvedNorthern Star Invest Corp IV	0.08%	510,423	$5M	trimmed−1%	0.00 pp	2 q
PARRPar Pacific Holdings, Inc.	0.07%	152,869	$4M	held	—	33 q
unresolvedAtlantic Coastal Acquisition Corp II	0.06%	389,560	$4M	new	+0.06 pp	new
DLTRDollar Tree Inc.	0.06%	27,301	$4M	trimmed−7%	0.00 pp	12 q
3GK0Tio Tech A	0.06%	356,419	$4M	held	—	8 q
unresolvedC5 Acquisition Corporation	0.05%	297,586	$3M	new	+0.05 pp	new
LGIHLGI Homes, Inc.	0.05%	29,441	$3M	held	—	6 q
ALGTAllegiant Travel Company	0.04%	24,810	$2M	held	—	24 q
VYXNCR Voyix Corporation	0.04%	106,424	$3M	new	+0.04 pp	new
6PMParamount Group Inc	0.04%	609,660	$3M	new	+0.04 pp	new
ELMEElme Communities	0.04%	132,901	$2M	trimmed−45%	−0.03 pp	5 q
unresolvedApollo Strategic Grwt Cptl I	0.04%	248,292	$3M	held	—	7 q
UPWKUpwork Inc.	0.03%	161,357	$2M	held	—	12 q
unresolvedLandcadia Holdings IV Inc	0.02%	122,834	$1M	new	+0.02 pp	new
MAMastercard Incorporated	0.02%	2,760	$1M	held	—	22 q
PDLBPonce Financial Group, Inc.	0.02%	181,562	$1M	added+19%	0.00 pp	3 q
VTVanguard Total World Stock ETF	0.02%	10,450	$962,341	trimmed−2%	+0.01 pp	6 q
VVISA Inc.	0.02%	4,640	$1M	held	—	22 q
ELVElevance Health, Inc.	0.01%	1,915	$880,536	held	—	30 q
APOApollo Global Management, Inc.	0.01%	6,000	$378,960	held	—	5 q
AZOAutoZone, Inc.	0.01%	280	$688,282	held	—	6 q
BACBank of America Corporation	0.01%	21,000	$600,600	held	—	4 q
BLQADBlackrock Inc	0.01%	1,400	$936,768	held	—	10 q
BXBlackstone Inc.	0.01%	6,800	$597,312	held	—	12 q
CIThe Cigna Group	0.01%	2,650	$677,155	added+51%	0.00 pp	7 q
DHRDanaher Corporation	0.01%	2,100	$529,284	held	—	13 q
DECKDeckers Outdoor Corp	0.01%	815	$366,383	held	—	4 q
0C3Endeavor Group Hold-class A	0.01%	37,000	$885,410	added+10%	0.00 pp	2 q
ETEnergy Transfer LP	0.01%	75,000	$935,250	trimmed−40%	−0.01 pp	5 q
EPDEnterprise Products Partners L.P.	0.01%	35,700	$924,630	trimmed−15%	−0.01 pp	4 q
unresolvedFlame Acquisition Corp	0.01%	620,874	$353,898	held	—	2 q
HCAHCA Healthcare, Inc.	0.01%	1,400	$369,152	held	—	9 q
HDHome Depot, Inc.	0.01%	3,200	$944,384	held	—	22 q
IQVIQVIA Holdings Inc.	0.01%	3,385	$673,243	held	—	20 q
JPMJPMorgan Chase & Co.	0.01%	4,450	$579,880	trimmed−36%	0.00 pp	4 q
KKRKKR & Co. Inc.	0.01%	11,600	$609,232	held	—	20 q
LOWLowe's Companies Inc.	0.01%	4,300	$859,871	held	—	12 q
SFMSprouts Farmers Market, Inc.	0.01%	12,850	$450,136	held	—	9 q
TMOThermo Fisher Scientific, Inc.	0.01%	650	$374,641	held	—	33 q
ULTAUlta Beauty, Inc.	0.01%	830	$452,906	held	—	6 q
UPSUnited Parcel Service, Inc. Class B	0.01%	2,300	$446,177	held	—	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.01%	1,510	$713,611	held	—	22 q
unresolvedAlpha Partners Tech Mergr Co	0.01%	48,607	$497,250	held	—	7 q
unresolvedPowerup Acquisition Corp	0.01%	56,966	$597,004	held	—	5 q
WTWWillis Towers Watson Public Limited Company	0.01%	2,400	$557,712	held	—	11 q
ABTAbbott Laboratories	0.00%	2,800	$283,528	held	—	22 q
UHALU-Haul Holding Company	0.00%	500	$29,825	held	—	3 q
UHAL.BU-Haul Holding Company	0.00%	4,500	$233,325	held	—	2 q
unresolvedAtlantic Coastal Acquistn Co	0.00%	496,698	$20,911	held	—	6 q
unresolvedAtlantic Coastal Aqstn Corp	0.00%	194,779	$9,310	new	0.00 pp	new
BBAI/WSBigBear.ai Holdings, Inc. Redeemable warrants, each full warrant exercisable for one share of at an exercise price of $11.50 per share	0.00%	321,156	$86,712	held	—	6 q
unresolvedBiote Corp	0.00%	2,198	$923	held	—	4 q
unresolvedBurtech Acquisition Corp	0.00%	1,238,082	$51,009	held	—	2 q
unresolvedC5 Acquisition Corporation	0.00%	148,792	$5,952	new	0.00 pp	new
CSXCSX Corporation	0.00%	9,000	$269,460	new	0.00 pp	new
unresolvedChurchill Capital Corp Vii	0.00%	148,361	$18,174	new	0.00 pp	new
STZConstellation Brands, Inc.	0.00%	451	$101,876	held	—	12 q
unresolvedDigital Transformatn Opt Cor	0.00%	21,670	$1,084	held	—	2 q
DISThe Walt Disney Company	0.00%	2,750	$275,357	held	—	18 q
unresolvedForest Road Acquisition Cor	0.00%	298,291	$59,211	held	—	2 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	517	$5,346	held	—	3 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	30	$26	held	—	3 q
unresolvedGsr II Meteora Acquisitn Cor	0.00%	517	$21	held	—	3 q
GMGeneral Motors Company	0.00%	6,700	$245,756	held	—	4 q
unresolvedGolden Arrow Merger Corp	0.00%	413,915	$20,779	held	—	2 q
HHRHeadHunter Group PLC	0.00%	35,000	$0	held	—	5 q
HLGNWHeliogen Inc -CW28	0.00%	118,552	$4,126	held	—	6 q
HUMHumana Inc.	0.00%	475	$230,594	held	—	16 q
unresolvedInterprivate IV Infratech Pr	0.00%	208,003	$18,720	held	—	2 q
unresolvedLandcadia Holdings IV Inc	0.00%	372,861	$61,336	held	—	2 q
NIOBWNioCorp Developments Ltd.	0.00%	259,205	$171,983	new	0.00 pp	new
unresolvedNorthern Star Invest Corp IV	0.00%	85,068	$3,062	held	—	2 q
PYPLPayPal Holdings, Inc.	0.00%	1,925	$146,185	held	—	20 q
PTONPeloton Interactive, Inc. Class A	0.00%	1	$11	held	—	2 q
QCOMQualcomm Inc	0.00%	1,710	$218,162	held	—	12 q
SPGIS&P Global Inc.	0.00%	744	$256,509	held	—	12 q
SIX1Six Flags Entertainment Corp.	0.00%	1	$27	held	—	4 q
unresolvedStratim Cloud Acquisition Co	0.00%	268,586	$48,345	new	0.00 pp	new
TDUPThredUp Inc. Class A	0.00%	1	$3	held	—	7 q
unresolvedTwelve Seas Investment Co II	0.00%	397,025	$19,732	new	0.00 pp	new
unresolvedVirgin Orbit Holdings Inc	0.00%	113,437	$5,354	held	—	6 q
ACNAccenture PLC	0.00%	1,000	$285,810	new	0.00 pp	new
unresolvedDhc Acquisition Corp	0.00%	208,766	$7,307	held	—	3 q
unresolvedDisruptive Acquisition Corp	0.00%	413,916	$33,113	new	0.00 pp	new
ECXWWECARX Holdings Inc.	0.00%	200,881	$30,132	held	—	2 q
unresolvedAres Acquisition Corporation	0.00%	118,617	$104,384	new	0.00 pp	new
unresolvedGlobal Partner Acqistn Corp	0.00%	77,733	$10,890	new	0.00 pp	new
unresolvedMariadb PLC	0.00%	379,386	$92,001	held	—	2 q
unresolvedMetals Acquisition Corp	0.00%	216,944	$158,369	held	—	4 q
VEEAWVeea Inc.	0.00%	232,673	$44,208	new	0.00 pp	new
PRENWPrenetics Global Limited	0.00%	12,860	$948	held	—	4 q
unresolvedRoss Acquisition Corp II	0.00%	92,449	$24,222	new	0.00 pp	new
unresolvedSlam Corp	0.00%	214,237	$49,275	new	0.00 pp	new
SWVLWSwvl Holdings Corp	0.00%	32,998	$686	held	—	4 q
NBISNebius Group N.V. Class A	0.00%	25,000	$0	held	—	5 q
UNVRUnivar Solutions Inc.	—	−4,186,308	—	exited	−2.07 pp	—
ACAHAtlantic Coastal Acquisition Corp. Class A	—	−1,490,099	—	exited	−0.23 pp	—
unresolvedForest Road Acquisition Cor	—	−1,491,463	—	exited	−0.23 pp	—
unresolvedBurtech Acquisition Corp	—	−1,245,023	—	exited	−0.20 pp	—
unresolvedFlame Acquisition Corp	—	−1,241,751	—	exited	−0.19 pp	—
unresolvedGolden Arrow Merger Corp	—	−1,248,745	—	exited	−0.19 pp	—
unresolvedTwelve Seas Investment Co II	—	−1,191,077	—	exited	−0.19 pp	—
unresolvedAgile Growth Corp	—	−1,169,862	—	exited	−0.19 pp	—
unresolvedColonnade Acquisition Corp I	—	−1,241,747	—	exited	−0.19 pp	—
unresolvedDisruptive Acquisition Corp	—	−1,241,750	—	exited	−0.19 pp	—
unresolvedMacondray Cap Acquisitn Corp	—	−1,240,359	—	exited	−0.19 pp	—
unresolvedPine Technology Acquisitn Co	—	−1,164,041	—	exited	−0.18 pp	—
unresolvedPlum Acquisition Corp I	—	−1,163,374	—	exited	−0.18 pp	—
unresolvedMason Industrial Technolgy I	—	−912,133	—	exited	−0.14 pp	—
SBNYSignature Bank (NY)	—	−80,502	—	exited	−0.14 pp	—
unresolvedStratim Cloud Acquisition Co	—	−805,760	—	exited	−0.13 pp	—
SLMUFSlam Corp Uts	—	−856,956	—	exited	−0.13 pp	—
unresolvedChurchill Capital Corp Vii	—	−741,812	—	exited	−0.12 pp	—
unresolvedGx Acquisition Corp II	—	−777,620	—	exited	−0.12 pp	—
unresolvedPeridot Acquisition Corp II	—	−700,121	—	exited	−0.11 pp	—
unresolvedNorthern Star Invest Corp II	—	−664,459	—	exited	−0.10 pp	—
BNAIBrand Engagement Network Inc.	—	−626,304	—	exited	−0.10 pp	—
unresolvedAres Acquisition Corporation	—	−593,095	—	exited	−0.09 pp	—
unresolvedGlobal Partner Acqistn Corp	—	−466,409	—	exited	−0.07 pp	—
unresolvedAtlantic Coastal Aqstn Corp	—	−389,560	—	exited	−0.06 pp	—
unresolvedC5 Acquisition Corporation	—	−297,586	—	exited	−0.05 pp	—
unresolvedRoss Acquisition Corp II	—	−277,353	—	exited	−0.04 pp	—
unresolvedFusion Acquisition Corp II	—	−208,692	—	exited	−0.03 pp	—
unresolvedAfrican Gold Acquisition Cor	—	−210,552	—	exited	−0.03 pp	—
unresolvedFtac Hera Acquisition Corp	—	−149,233	—	exited	−0.02 pp	—
unresolvedLead Edge Growth Oprtunts Lt	—	−134,235	—	exited	−0.02 pp	—
unresolvedSilver Spike Acquisitn Corp	—	−156,878	—	exited	−0.02 pp	—
CIGIColliers International Group Inc. Subordinate Voting Shares	—	−5,500	—	exited	−0.01 pp	—
unresolvedDigital Transformatn Opt Cor	—	−86,684	—	exited	−0.01 pp	—
URTHiShares MSCI World ETF	—	−8,806	—	exited	−0.01 pp	—
LEN.BLennar Corporation Class B	—	−9,600	—	exited	−0.01 pp	—
PMPhilip Morris International Inc.	—	−6,715	—	exited	−0.01 pp	—
TOLToll Brothers, Inc.	—	−11,500	—	exited	−0.01 pp	—
unresolvedLazard Growth Acquisition Co	—	−44,935	—	exited	−0.01 pp	—
unresolvedGx Acquisition Corp II	—	−259,205	—	exited	0.00 pp	—
MCOMoody's Corporation	—	−115	—	exited	0.00 pp	—
NSCNorfolk Southern Corp.	—	−1,300	—	exited	0.00 pp	—
unresolvedPine Technology Acquisitn Co	—	−388,011	—	exited	0.00 pp	—
unresolvedColonnade Acquisition Corp I	—	−248,347	—	exited	0.00 pp	—
unresolvedEsm Acquisition Corporation	—	−189	—	exited	0.00 pp	—
unresolvedSilver Spike Acquisitn Corp	—	−39,218	—	exited	0.00 pp	—

Other 13(f) securities

Options 0

None in this filing

Notes 7

Issue	% of notes	Principal	Value
Wayfair Inc	69.14%	104,978,000	$76M
Zillow Group Inc	15.35%	14,421,000	$17M
Upwork Inc	6.31%	8,900,000	$7M
Colliers Intl Group Inc	3.28%	1,919,000	$4M
Wayfair Inc	2.97%	4,976,000	$3M
Zillow Group Inc	1.84%	1,990,000	$2M
The Realreal Inc	1.10%	2,000,000	$1M

Source

Form: 13F-HR
Reading: 0 defects · 36 unresolved
Accession: 0001377581-23-000004
Options: none in this filing
SEC cross-check: SEC data set not published yet

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